Closing Bell Movers: Seagate, Starbucks rally on earnings

The market rally stumbled on Tuesday as reports of OpenAI missing its internal growth targets weighed on the Tech sector, particularly the Semiconductor space, where VanEck Semiconductor ETF (SMH) fell about 3%.   Likewise, Energy outperformed all other sectors and WTI Crude Oil topped $100 per barrel as a function of the re-heating geopolitical tension, as the White House is expressing reluctance to bend toward compromise on its mission for denuclearized Iran after Tehran proposed to table the nuclear question in exchange for restoring an operational Strait of Hormuz. 

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The narrative could once again flip on Wednesday however, with a spate of high-profile earnings reports re-establishing the vigor of the AI rally.   Seagate (STX) was up 16% after blowout results, also pulling up shares of Western Digital (WDC), while better than expected results from NXP Semi (NXPI) supported shared of Analog Devices and Microchip.  Bloom Energy (BE), the fuel supplier for data centers, also reported blowout numbers, sending shares up double digits.  

In the opening hour of the evening session, Nasdaq 100 is up 0.2%, S&P e-minis are up 0.1%, and WTI Crude Oil is back below $100 per barrel.   Precious metals sustained some losses on Tuesday, with Gold sliding toward $4,600 and Silver now below $74 per ounce.

Check out this evening’s top movers from around Wall Street, compiled by The Fly.

HIGHER AFTER EARNINGS –

• Silicon Motion Technology (SIMO) up 19.3%
• Rush Street Interactive (RSI) up 17.8%
• Seagate (STX) up 16.0%; Western Digital (WDC) up 15.7% in sympathy
• NXP Semiconductors N.V. (NXPI) up 15.5%; On Semi (ON) up 6.1,%, Analog Devices, Inc. (ADI) up 2.6%, Microchip Technology (MCHP) up 4.0% in sympathy 
• Porch Group (PRCH) up 13.5%
• Fair Isaac (FICO) up 12.6%
• Bloom Energy (BE) up 12.3%
• ExlService Holdings  (EXLS) up 7.9%
• Veralto (VLTO) up 9.9%
• Starbucks (SBUX) up 5.0%
• Visa (V) up 4.8%
• Mondelez (MDLZ) up 2.5%
• Caesars (CZR) up 1.5%
• T-Mobile (TMUS) up 1.2%

DOWN AFTER EARNINGS –

• O-I Glass (OI) down 18.6%
• Enphase Energy (ENPH) down 11.0%
• Robinhood (HOOD) down 9.7%
• Teradyne (TER) down 8.3%
• Booking Holdings (BKNG) down 4.3%
• Stride (LRN) down 3.7%

ALSO LOWER –

• Avis Budget Group (CAR) down 7.6% after disclosing sale by Pentwater Capital
• Brown-Forman (BF.B) down 6.2% after terminating Pernod Ricard merger